Eldorado Gold (NYSE:EGO) Stock Rating Upgraded by Canaccord Genuity Group

Key Points

• Canaccord Genuity upgraded Eldorado Gold from “hold” to “strong buy,” while the broader analyst consensus is “Moderate Buy” with a $46.57 price target.
• Eldorado Gold reported quarterly EPS of $0.54, beating estimates by $0.02, though revenue of $487.5 million fell short of the $529.92 million consensus forecast.
• Institutional investors hold 69.58% of the company, with major additions from BlackRock, VanECK Associates and Donald Smith & Co. during recent quarters.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD was upgraded by stock analysts at Canaccord Genuity Group from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Friday, Zacks reports.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus raised shares of Eldorado Gold from a "hold" rating to a "buy" rating in a research report on Friday, July 31st. Weiss Ratings downgraded shares of Eldorado Gold from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday. Scotiabank decreased their price target on shares of Eldorado Gold from $55.00 to $47.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. Canadian Imperial Bank of Commerce upgraded shares of Eldorado Gold from a "neutral" rating to an "outperform" rating in a research report on Sunday, August 9th. Finally, Bank of America upgraded shares of Eldorado Gold from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $32.00 to $54.00 in a report on Tuesday, September 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $46.57.

Eldorado Gold Stock Performance

Shares of NYSE EGO opened at $31.63 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.31 and a debt-to-equity ratio of 0.22. The business's 50 day moving average is $40.64 and its two-hundred day moving average is $35.43. The company has a market cap of $8.27 billion, a P/E ratio of 11.22, a P/E/G ratio of 0.30 and a beta of 0.67. Eldorado Gold has a 12 month low of $24.44 and a 12 month high of $51.16.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%. The company had revenue of $487.50 million during the quarter, compared to analyst estimates of $529.92 million. On average, equities analysts expect that Eldorado Gold will post 3.02 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in Eldorado Gold during the second quarter worth about $587,469,000. Van ECK Associates Corp boosted its holdings in Eldorado Gold by 39.0% during the second quarter. Van ECK Associates Corp now owns 18,678,256 shares of the basic materials company's stock valued at $580,739,000 after purchasing an additional 5,241,277 shares in the last quarter. Donald Smith & CO. Inc. acquired a new stake in Eldorado Gold during the second quarter valued at approximately $272,580,000. Dimensional Fund Advisors LP grew its stake in shares of Eldorado Gold by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,113,413 shares of the basic materials company's stock valued at $175,522,000 after purchasing an additional 54,964 shares during the period. Finally, Ninety One UK Ltd grew its stake in shares of Eldorado Gold by 5.1% in the 3rd quarter. Ninety One UK Ltd now owns 3,303,287 shares of the basic materials company's stock valued at $127,246,000 after purchasing an additional 158,798 shares during the period. 69.58% of the stock is currently owned by institutional investors and hedge funds.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Canadian mining company focused on the exploration, development and operation of gold properties. The company produces gold and related by-products, including silver, and manages a portfolio of mines and development projects in Türkiye, Greece and Canada.

Eldorado's operations and projects include the Kisladag and Efemcukuru gold mines in Türkiye, the Olympias polymetallic mine and Skouries copper-gold project in Greece, and the Lamaque gold operation in Quebec, Canada.

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